Exting Wells Fargo (WFC)

Wells has broken below the prior swing low, uptrend support and 20 WMA. That was the criteria we were using to determine whether the risk/reward was still in our favor, and now it is not.

While the Relative Strength vs the SP500 is still holding its uptrend support, the breakdown in price has shown enough for us to exit our position and await further improvements.

You can see the breakdown of all trend support here on the Weekly view. I will expect the $34.50 to act as MAJOR support going forward, but it would be quite a gift from the market if a high quality company like WFC falls to those levels. I would become very interested in the stock back down there.

Wells reports Q3 earnings results this Friday before market open (BMO)